Blockchain is the new internet of the financial world

Blockchain, an online data ledger, is set to make a big impact in financial services, and has applications in a range of other industries from e-commerce to insurance and voting. Unlocking blockchain will be a game-changer for the future of financial transactions.

“Blockchain will revolutionize banking and financial services as we know it,” acknowledged Pierre Gramegna, Minister of Finance of Luxembourg, “I think it is possible that blockchain will replace the word ‘internet’. By the time our children have children, the only time they will see the word ‘internet’ is in science and history books.”

“Some say that blockchain is the new internet of the financial world,” pointed out Axel Lehmann, Group Chief Operating Officer and Member of the Group Executive Board, UBS Group, Switzerland.

Blockchain is a secure ledger database made up of data blocks that are shared by all users in an established, continually evolving platform. For financial organizations, blockchain allows for faster processing time, lower costs, fewer intermediaries, greater market insight and increased transparency and compliance.

While blockchain is viewed as the main technical innovation, or underwriter, of the crypto-currency, bitcoin, it is in no way exclusive to it. Indeed, panellists agreed that blockchain technology has far wider applications.

“We now have non-sovereign money and it has a lot of advantages and it is just going to grow,” explained Jeremy Allaire, Founder and Chief Executive Officer, Circle, USA. “The nature of accounting, insurance, corporate governance, voting, all of these systems can be moved to blockchain technologies in the future. We are just at the start,” he said.

Blockchain technology has also opened up innovative ways to counter fraud and illegal trade, such as in blood diamonds. “When we start to think about how blockchain technology can be applied, it can be applied at the level of objects,” explained Leanne Kemp, Chief Executive Officer and Founder, Everledger, United Kingdom.

Through her start-up company, Kemp has utilized blockchain technology to trace synthetic diamonds that have started to pepper the supply chain, with the goal of curbing diamond fraud. “I would like to see blockchain being applied to big problems, the proliferation of counterfeit goods and financial inclusion, noted Kemp. “We should be thinking about where we are applying this technology.”

Decentralized technology industries are starting to embrace blockchain technology, but there are important questions about how it will be regulated. On the banking hub of Luxembourg, Gramegna agreed there are still regulatory and taxation issues to be addressed. Yet governments, he said, should be forward thinking. Luxembourg, for example, was one of the first countries to legalize virtual currencies and it has the same open approach to blockchain.

“You need a regulator that is keen. The regulator is there to apply the rules, fully and in an equal manner; but, at the same time, the regulator can be innovative,” Gramegna said. “For sharing values and assets and doing payments, all this is going to become a commodity, and for free – this will change the world in which we live.”

Deloitte Unveils 2018 North America Technology Fast 500™ Rankings

Deloitte today released the “2018 North America Technology Fast 500,” an annual ranking of the fastest-growing North American companies in technology, media, telecommunications, life sciences and energy tech sectors. SwanLeap claimed the top spot with a growth rate of 77,260 percent from 2014 to 2017.

SwanLeap, is a leading end-to-end transportation technology provider for logistics managers and supply chain decision-makers. Founded in 2013, SwanLeap uses artificial intelligence and machine learning to reduce costs for corporate shippers and improve their supply chain performance. Its new technology is helping clients secure an annual average transportation savings of 27 percent. SwanLeap is one of the two Madison, Wisconsin-based companies in the top 10 this year.

Awardees are selected for this honor based on percentage fiscal year revenue growth from 2014 to 2017. Overall, the 2018 Technology Fast 500 companies achieved revenue growth ranging from 143 percent to 77,260 percent over the three-year time frame, with a median growth rate of 412 percent.

“Congratulations to the Deloitte 2018 Technology Fast 500 winners on this impressive achievement,” said Sandra Shirai, vice chairman, Deloitte LLP, and U.S. technology, media and telecommunications leader. “These companies are innovators who have converted their disruptive ideas into useful products, services and experiences that can captivate new customers and drive remarkable growth.”

“It is both humbling and validating for SwanLeap to be listed as the No. 1 fastest-growing company on the Deloitte Fast 500,” said Brad Hollister, CEO and co-founder of SwanLeap. “Our team has worked relentlessly to deliver unprecedented clarity and control to a fragmented shipping market through technology powered by artificial intelligence, curating cost-effective and personalized supply chain recommendations in real time. We are grateful to our employees and customers for making this achievement possible.”

The Technology Fast 500’s top 10 include:

2018 Rank

Company

Sector

Revenue Growth (2014 to 2017)

City, State

1

SwanLeap

Software

77,260 percent

Madison, Wisconsin

2

Justworks

Software

27,150 percent

New York, New York

3

Shape Security

Software

23,576 percent

Mountain View, California

4

Periscope Data

Software

23,227 percent

San Francisco, California

5

Arrowhead Pharmaceuticals Inc.

Biotechnology/
pharmaceutical

17,847 percent

Pasadena, California

6

Viveve Medical Inc.

Medical devices

16,887 percent

Englewood, Colorado

7

iLearningEngines

Software

14,848 percent

Bethesda, Maryland

8

Exact Sciences Corp.

Biotechnology/pharmaceutical

14,694 percent

Madison, Wisconsin

9

Podium

Software

13,381 percent

Lehi, Utah

10

Markforged

Electronic devices/hardware

12,687 percent

Watertown, Massachusetts

Silicon Valley has largest share of winners
Deloitte’s Technology Fast 500 winners represent more than 38 states and provinces across North America.

California’s Silicon Valley continues to produce fast-growing companies, leading regional representation with 18 percent of this year’s Fast 500. The New York metro area also fared well with 14 percent of the companies; New England and Greater Washington, D.C., areas followed with 7 percent each, and Greater Los Angeles accounted for 6 percent. Following is a summary of the 2018 ranking by regions with a significant concentration of winners:

Software continues to dominate the list for the 23rd straight yearSoftware companies continue to deliver the highest growth rates for the 23rd straight year, representing 64 percent of the entire list and six of the top 10 winners overall. Of the private companies on the list, 34 percent identify themselves as part of the software as a service (SaaS) subsector, 17 percent in the enterprise software subsector, and 9 percent in fintech. Since the creation of the ranking, software companies have consistently made up the majority of winners, with a median growth rate of 412 percent in 2018.

Digital content, media and entertainment companies make up the second most prevalent sector in this year’s rankings, accounting for 12 percent of the Fast 500 companies and achieving a median growth rate of 385 percent in 2018. Biotechnology/pharmaceutical companies rank third at 11 percent of the list with a median growth rate of 411 percent.

The Technology Fast 500 by industry sector:

Sector

Percentage

Sector Leader

Median Revenue Growth (2014 to 2017)

Software

64 percent

SwanLeap

412 percent

Digital content/media/entertainment

12 percent

Remark Holdings Inc.

385 percent

Biotechnology/pharmaceutical

11 percent

Arrowhead Pharmaceuticals Inc.

411 percent

Medical devices

5 percent

Viveve Medical Inc.

396 percent

Communications/networking

3 percent

xG Technology Inc.

394 percent

Electronic devices/hardware

3 percent

Markforged

410 percent

Semiconductor

1 percent

Aquantia Corp.

206 percent

Energy tech

1 percent

Momentum Solar

693 percent

Four out of five companies received venture backingIn the 2018 Fast 500 rankings, 80 percent of the companies were backed by venture capital at some point in their company history. Notably, 25 of the top 30 companies on the Technology Fast 500 in 2018 received venture funding.

“Software, which accounts for nearly two of every three companies on the list, continues to produce the most exciting technologies of the 21st century, including innovations in artificial intelligence, predictive analytics and robotics,” said Mohana Dissanayake, partner, Deloitte & Touche LLP and industry leader for the technology, media and telecommunications industry, within Deloitte’s audit and assurance practice. “This year’s ranking demonstrates what is likely a national phenomenon, where many companies from all parts of America are transforming the way we do business by combining breakthrough research and development, entrepreneurship and rapid growth.”

Related

Quantum Technologies Flagship kicks off with first 20 projects

The Quantum Technologies Flagship, a €1 billion initiative, was launched today at a high-level event in Vienna hosted by the Austrian Presidency of the Council of the EU.

The Flagship will fund over 5,000 of Europe’s leading quantum technologies researchers over the next ten years and aims to place Europe at the forefront of the second quantum revolution. Its long term vision is to develop in Europe a so-called quantum web, where quantum computers, simulators and sensors are interconnected via quantum communication networks. This will help kick-starting a competitive European quantum industry making research results available as commercial applications and disruptive technologies. The Flagship will initially fund 20 projects with a total of €132 million via the Horizon 2020 programme, and from 2021 onwards it is expected to fund a further 130 projects. Its total budget is expected to reach €1 billion, providing funding for the entire quantum value chain in Europe, from basic research to industrialisation, and bringing together researchers and the quantum technologies industry.

Andrus Ansip, Commission Vice-President for the Digital Single Market, said: “Europe is determined to lead the development of quantum technologies worldwide. The Quantum Technologies Flagship project is part of our ambition to consolidate and expand Europe’s scientificexcellence. If we want to unlock the full potential of quantum technologies, we need to develop a solid industrial base making full use of our research.”

Mariya Gabriel, Commissioner for Digital Economy and Society, added: “The Quantum Technologies Flagship will form a cornerstone of Europe’s strategy to lead in the development of quantum technologies in the future. Quantum computing holds the promise of increasing computing speeds by orders of magnitude and Europe needs to pool its efforts in the ongoing race towards the first functional quantum computers.”

In the early 20th century, the first quantum revolution allowed scientists to understand and use basic quantum effects in devices, such as transistors and microprocessors, by manipulating and sensing individual particles.

The second quantum revolution will make it possible to use quantum effects to make major technological advances in many areas including computing, sensing and metrology, simulations, cryptography, and telecommunications. Benefits for citizens will ultimately include ultra-precise sensors for use in medicine, quantum-based communications, and Quantum Key Distribution (QKD) to improve the security of digital data. In the long term, quantum computing has the potential to solve computational problems that would take current supercomputers longer than the age of the universe. They will also be able to recognise patterns and train artificial intelligence systems.

Next steps

From October 2018 until September 2021, 20 projects will be funded by the Flagship under the coordination of the Commission. They will focus on four application areas – quantum communication, quantum computing, quantum simulation, quantum metrology and sensing – as well as the basic science behind quantum technologies. More than one third of participants are industrial companies from a wide range of sectors, with a large share of SMEs.

Negotiations are ongoing between the European Parliament, Council and Commission to ensure that quantum research and development will be funded in the EU’s multi-annual financial framework for 2021-2028. Quantum technologies will be supported by the proposed Horizon Europe programme for research and space applications, as well as the proposed Digital Europe programme, which will develop and reinforce Europe’s strategic digital capacities, supporting the development of Europe’s first quantum computers and their integration with classical supercomputers, and of a pan-European quantum communication infrastructure.

Background

Since 1998, the Commission’s Future and Emerging Technologies (FET) programme has provided around €550 million of funding for quantum research in Europe. The EU has also funded research on quantum technologies through the European Research Council (ERC). Only since 2007, the ERC has funded more than 250 research projects related to quantum technologies, worth some 450 million euro.

The Quantum Technologies Flagship is currently supported by Horizon 2020 as part of the FET programme, which currently runs two other Flagships (The Graphene Flagship and the Human Brain Project Flagship). The FET programme promotes large-scale research initiatives to drive major scientific advances and turn them into tangible innovations creating benefits for the economy and society across Europe. Funding for the Flagship project comes from Horizon 2020, its successor programme Horizon Europe and national funding.

The Quantum Technologies Flagship is also a component of the Commission’s European Cloud Initiative launched in April 2016, as part of a series of measures to support and link national initiatives for the digitisation of Europe’s industry.

Related

Russiagate and the current challenges of cyberspace: Interview with Elena Chernenko

PICREADI presents an interview with a prominent Russian expert in journalism and cybersecurity Elena Chernenko, Deputy head of Foreign Desk at the Kommersant daily newspaper in Moscow. The talk is about hackers, Russiagate and current challenges of the cyberspace.